California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 50 - Business and Industrial Development Corporations
Article 4 - Issuance of License
Subarticle 1 - General Provisions
Section 50.3001 - Other Definitions
Universal Citation: 10 CA Code of Regs 50.3001
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
In this Article:
(a) "Member," when used with respect to an applicant which is an old corporation, has the meaning set forth in Financial Code Section 31950(a).
(b) "Old corporation" has the meaning set forth in Financial Code Section 31950(b).
(c) "Promoter," when used with respect to an applicant, means:
(1) Any person who, alone
or in conjunction with one or more other persons, directly or indirectly takes
the initiative in founding and organizing the applicant; or
(2) Any person who, in connection with the
founding and organizing of the applicant, directly or indirectly receives in
consideration of services or property, or both, 10% or more of any class of
securities of the applicant or 10% or more of the proceeds from the sale of any
class of such securities. However, any person who receives such securities or
proceeds either solely as underwriting commissions or solely in consideration
of property shall not be deemed to be a promoter if he does not otherwise take
part in founding and organizing the applicant.
Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
